The word "regnets" in German text

»Schließt das Fenster«, sage ich, »sonst regnets noch herein!«

How to understand “regnets”? Does it mean the same as “regnet es”?

Your guess is true. It must be “regnet’s”, a contraction from “regnet es”. The spelling is wrong. In colloquial language we often make these contractions.

Thanks a lot!